- April 25, 2024
- Posted by: Gaurav
- Categories: Blockchain, Blogs
Blockchain
Blockchain is one of the variants of Distributed Ledger Technology (DLT) that is used to keep a record of the transactions in a secured, transparent, and unalterable format. It is called “blockchain” because the transaction records are stored as blocks that linked with each other to form a chain.
The blockchain is a decentralized, distributed and public digital ledger that is used to maintain the network without being able to modify the previous records.
One of the most initial approaches of a blockchain has been made in the early 90s when Stuart Haber and Scott Stornetta (a computer scientist and physicist respectively) have used cryptographic techniques in a chain of blocks to protect digital documents from data modifying.
As blockchain technology continues to evolve, various sectors are finding innovative applications to leverage its benefits. Some of these include:
Capital One Services, Llc: Streamlining Credit Card Payments via P2P
Patent: US20240070641A1
Filed: 06 November 2023
Published 29 February 2024
The patent describes a common case of using credit cards to define transactions when an individual pays a friend for an expense, e.g. the dinner bill, and the other one pays back after some time. The friends would transfer the credit to their social P2P accounts which they can use to pay the credit card issuer. But funds on P2P account are able to be remitted to the bank account and purchase credit card payment would be cumbersome and time-taking. Consequently, they are typically burdened with interest charges or other forms of penalties as a result of inability to make their credit card repayments within the stipulated time.
The patent system advances this process by correlating credit cards to P2P [peer-to-peer-payment] systems. It allows banks to enable the friends to receive the automatic alerts and repayment requests through P2P platforms. After repayments are made on these accounts, the money is transferred instantly to the credit card company, avoiding the need for the credit card holder to transfer money between accounts. This not only ensures more rapid repayment but is also safer from extra charges.
Visa International Service Association: Enhancing Blockchain Verification
Patent: US20240074004A1
Filed: 01 November 2023-11-01
Published: 29 February 2024
For blockchain distributed systems to maintain the integrity and validity of transactions, nodes must verify that certain interactions are registered in the blockchain and are located on the longest chain, particularly after a fork. This verification in this case traditionally demands nodes to download and process all blockchain, which is expensive regarding bandwidth, storage and computation capacities. This poses a substantial problem especially for light nodes such as smart phones and IoT that have restricted computing resources but still require to confirm transactions on the blockchain.
The patent has invented a technique and system through which client devices can verify the acceptability of the blockchain without downloading the whole blockchain. This method involves the client device getting a validation request and then querying a whole node by making a random sampling of block headers. As the full node outputs these block headers to the client device, the client device verifies them and thus can confirm the legitimacy of the blockchain maintained by the complete node. This technique makes data on light clients less, therefore blockchain verification becomes less complex and more accessible for devices with fewer resources.
International Business Machines Corp (IBM): Advancing Blockchain Security with Machine Learning
Patent: US20240048582A1
Published: 08 February 2024
The patent recognizes that while blockchains provide a trustworthy log for transactions, however, they are not resistant to hacking and fraud in the same way. The perpetrators are launching attacks using blockchain vulnerabilities, committing fraud and theft which lead to huge monetary losses. Old security systems for monitoring blockchain transactions have been susceptible to certain breaches, like the one that happened in the wake of the Mt. Gox incident when deposits were interpreted as withdrawals altering the security layers to allow for long quiet periods before the attacks are detected.
The patent solution is to use machine learning to build classifiers which systematically monitor transaction patterns aiming at identifying any deviations which are possible indicators of fraudulent activities. In order to insure the reliability of the given technique and to reduce the chances of classifying good transactions as suspect, the system implements a verification procedure. This process relies on the guardians, which are the trusted entities that have the cryptographic keys. These guarantors have the power to co-sign transactions that the classifiers have marked as suspicious. If a guardian co-signs a deal, it is then considered authentic and approved to be processed. The use of this two-step security system greatly improves blockchain security from cyber attacks just as the real transactions are streamlined.
Mastercard International Inc: Preventing Scalping with Blockchain Technology
Patent: US20240029070A1
Filed: 03 October 2023
Published: 25 January 2024
The patent clarifies the necessity of a technical system that helps the merchants in the identification of scalping transactions behaviour. Sometimes even with captchas and purchase limits, scalpers can still break through them using different methods, including paying from multiple vendors or using various different payment and shipping addresses. As such, a more powerful approach is required to catch and forestall scalping in different merchants.
This patent outlines a system and method that helps to avoid an unauthorized trade that is a sign of scalping via distributed ledgers. It involves storing of transaction data into a consumer profile where the transactions are linked to the consumer through details including shipping address and the payment method. For the new transaction, it is scored on the basis of consumer’s transaction history as well as the details of the transaction. Any purchase that the score indicates to be scalping (e.g., multiple purchases of the same item or using the same billing details) will be declined. This mechanism ensures that the systems notify the anti-scalping software across multiple merchants and stops such activity automatically. Thus, the real customers who are genuinely interested are protected and their satisfaction is improved.
Walmart Apollo, LLC: Optimizing Supply Chain with Blockchain Integration
Patent: US20240029007A1
Filed: 03 October 2023
Published: 25 January 2024
A patent is provided to deal with the problems that arise during supply chain management; in particular, the problems related to the quality of products, timely tracking and the coordination of different stakeholders throughout the delivery of the products. While traditional systems usually can not keep the level of quality production constant and may not be able to do dynamic forecasting and smooth communication. Therefore, there is the risk of inefficiency and the failure of delivery.
The proposed solution of the patent leverages the blockchain technology and hyperspectral computer vision to improve supply chain management by guaranteeing quality, doing real-time forecasting and adjusting automatically with smart contracts, and combines and integrates all the parties in a more effective communication range. Such integrated supervision removes all the complications, saves time, and ensures high quality all the way through the delivery process.
Startup Spotlight: AllesHealth Platform App
The startup AllesHealth, which was founded in 2022, in Basel, Switzerland, is aiming at using blockchain to build a platform that improves the sharing and management of patients’ health data. Their platform provides patients with a safe place to store health records while remaining anonymous. This data can be provided to clinical research organizations (CROs) and enable use of the real-world evidence in clinical trials. AllesHealth has not yet announced any funding rounds.
- The platform integrates health data from several sources such as wearables and medical records, giving a physician a glimpse of patient’s holistic health
- The blockchain encryption makes patients the owner of their own data. They can define healthcare details to be shared, protecting privacy and data security.
- The app helps the patient to map their health journey and, therefore, the treatment can be customized to suit the needs of the patient and take preventive measures by the clinicians.
Conclusion: The Future of Blockchain
Blockchain technology is proven to be a vital component in fostering innovation and resolving persistent problems across a range of industries through these many applications. Blockchain has the potential to revolutionize customer experiences and daily corporate operations by enabling more transparent, efficient, and secure solutions. We may anticipate even more significant effects on everyday life and international business practices as these technologies develop and become more widely utilized. With these revolutionary developments, the promising future of blockchain is already starting to take shape.
We regularly update our content every two months to ensure you receive the most recent and relevant information on technology advancements. The last update was in April 2024. Stay tuned for the next update to keep abreast of the latest developments in technology!